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Frequently Asked Questions

In which currency is my NRO savings account maintained?

You NRO savings account will be maintained in Indian Rupees.

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Can I repatriate funds held in my NRO savings account?

RBI allows repatriation of balances held in NRO savings account up to one million USD or equivalent per financial year for bonafide purposes (For e.g. education, medical expenses, employment etc.) with documentation.

However, Indian income earned in the current FY (like rent, dividend, interest) can be repatriable as per the above criteria provided there is no tax liability arising out of this income.

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What is the minimum amount required to open a NRO savings account?

The minimum amount required to open NRO savings account is Rs. 10,000/- or its equivalent in foreign currency. You would be required to maintain an Average Quarterly Balance of Rs. 10,000 only.

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How is average quarterly balance (AQB) calculated?

Average quarterly balance is the sum of daily closing balance of all the calendar days in a quarter divided by the number of days in that quarter.

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Are these accounts taxable in India?

As per current guidelines, the principal amount in NRO savings account is exempt from taxes in India. However, the interest earned will be subject to a tax of 30% (plus applicable surcharge and cess).

However, on availing DTAA facility, the TDS rate applicable would be in range of 10-25% as per the country of residence based on the prevailing DTAA agreement from time to time

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